How to grow amid challenges: Volodymyr Nosov on the history and success of WhiteBIT Group

WhiteBIT crypto exchange was founded during a bear market, but any challenges only made the company stronger. In 6 years, the company has grown from a local project to a leader in the European market. Today, the WhiteBIT Group ecosystem has over 35 million clients and includes various blockchain and crypto solutions, including a decentralized exchange, crypto processing, its own blockchain, and more.

In a new interview, Volodymyr Nosov shares how the company transformed tough challenges into new opportunities and success through determination and innovation. The founder and president of WhiteBIT Group talks about the exchange’s start, rapid global expansion, and corporate culture, and shares his expert opinion on introducing regulation in the crypto market and the future of meme coins.

How our launch in the bear market made us stronger

Volodymyr, you founded the WhiteBIT cryptocurrency exchange six years ago, which soon became the largest in Europe. Please share a bit about your background and what led you to crypto. Everyone has a unique journey—what’s yours?

WhiteBIT Group has come a long way from a startup to a global business. Today, our ecosystem serves over 35 million users and includes many blockchain and crypto products and services. However, it all started as a local project, with the creation of the WhiteBIT exchange.

I’ve always been passionate about innovation—building something impactful, shaping the future, and improving everyday processes has been my driving force.

2016 was a turning point for me. That’s when I started exploring blockchain and Bitcoin, eager to invest and understand how to store crypto securely. I quickly realized that existing exchanges were far from user-friendly—they lacked essential features and provided a poor experience. This led me to conceptualize a crypto exchange that would meet user needs.

In just over six years, what started as an exchange has grown into a full-fledged ecosystem, offering various blockchain and crypto solutions. Today, WhiteBIT continues to expand, shaping the industry and setting new standards in the market.

WhiteBIT was founded in 2018 and has endured time and volatile markets. It now serves over 8 million users and has a $2.7 trillion annual trading volume. Can you take us back to its early days as a startup?

We launched WhiteBIT in 2018 during a bear market—arguably one of the most challenging times to enter the industry. However, these harsh conditions shaped us. They forced us to stay focused, optimize resources, and build a solid foundation.

When we were just starting, during peak loads or high registration periods, every specialist—regardless of their role—jumped in to help process client applications. We worked day and night as one well-coordinated team. No one stood aside; everyone was invested in the company’s success. Today, we are a team of 1,200, a full-fledged group of companies with a strong corporate culture and well-established processes. Over the years, we’ve grown, scaled, and improved key business metrics—and even accumulated some bureaucracy along the way (laughs).

WhiteBIT Group is a vast blockchain ecosystem with various products that meet the needs of crypto and blockchain users worldwide. Apart from its flagship project, the WhiteBIT crypto exchange, WhiteBIT Group encompasses the Whitechain blockchain with its native coin, WhiteBIT Coin (WBT), the crypto acquiring solution Whitepay, the WhitePool mining pool, the decentralized exchange WhiteSwap, the WB Soul ecosystem, the CS marketplace White.market, and crypto education initiatives like ByHi and The Coinomist. We continue to expand and innovate, proving that a company born in a bear market can survive and thrive.

How did the full-scale Russian invasion affect your company in terms of operations, market strategy, and international partnerships?

It was a matter of principle for us to stop working with the Russian market after the full-scale invasion. We took all necessary measures to block transactions by Russian citizens.

First, we disabled all payment gateways that allowed deposits or withdrawals in Russian rubles. Second, we removed all trading pairs involving the ruble. Third, we completely restricted Russian users from registering on our platform—both through KYC verification and by blocking access based on IP addresses.

At the time, Russian users comprised nearly 30% of our client base, meaning we faced an immediate and substantial loss. However, instead of looking back, we chose to diversify and innovate, pushing forward with new business strategies to ensure sustainable growth. As a result, 2022 became a pivotal year for WhiteBIT, marked by the launch of numerous new products, projects, and partnerships.

For example, in 2022, we expanded into the Turkish market, establishing a strong presence in a promising new region. Since then, we have entered the markets of Spain, Portugal, Georgia, Australia, Kazakhstan, Croatia, and Italy.

Beyond product development, strategic partnerships played a key role in our expansion. In the fall of 2022, we became the official crypto partner of Trabzonspor, one of Turkey’s leading football clubs. Just a month later, we achieved another significant milestone—becoming the official cryptocurrency partner of FC Barcelona, further solidifying our presence in the global sports and crypto ecosystem.

Our support for Ukraine during the war exceeds $11 million

WhiteBIT has been a strong supporter of Ukraine during the war. Can you share some key initiatives the exchange has undertaken to aid the country?

Many of our team members are Ukrainian, and for many of them, the war is deeply personal—friends, family members, and colleagues have joined the front lines as soldiers, medics, or volunteers. From the very beginning of Russia’s full-scale invasion, WhiteBIT has been committed to actively supporting Ukraine.

One of our key initiatives was signing a memorandum of cooperation with the Ministry of Foreign Affairs of Ukraine. Through this partnership, we launched a 24-hour call center and a chatbot to assist Ukrainians worldwide. 

Beyond humanitarian support, WhiteBIT has provided direct financial aid to support Ukraine. Over three years of full-scale war, starting February 24, 2022, we have donated more than $11 million of our funds. Our dedication remains steadfast, and we continue to explore new ways to contribute to the country’s resilience and recovery.

You started in Ukraine but expanded the market into Europe. If Ukraine had remained geopolitically stable, do you think WhiteBIT would have achieved the same level of success, or did the situation in the country act as a catalyst for global expansion?

We have always aimed high, building WhiteBIT with a strong focus on technological innovation and top-tier security. From the start, our goal was to create a platform that could compete with the biggest global players. Our team has worked tirelessly to refine and enhance our product, ensuring it meets the highest industry standards. Global expansion has always been part of our vision, and every step we’ve taken has been focused on steady growth and long-term success.

What key factors would you say have contributed to your success in the crypto industry?

Our success is built on three key pillars: security, user experience, and strategic growth.

First and foremost, we prioritize reliability and security, which are the cornerstones of any leading crypto exchange. WhiteBIT became the first crypto exchange in the world to achieve the highest level of certification under the Cryptocurrency Security Standard (CCSS). 

Secondly, we’ve always been user-focused, continuously improving our product to meet the evolving demands of modern traders. Today’s users expect more than just basic functionality—they want an intuitive interface, diverse trading pairs, and innovative tools. We’ve tailored our platform to serve individual traders and institutional clients while developing strong marketing strategies, including top-tier referral programs. Recently, in partnership with Visa, we introduced the WhiteBIT Nova card, a debit card for daily cryptocurrency payments, adding even more value for our users.

Another key factor is our global expansion strategy and collaborations with industry leaders. For example, we established official partnerships with VISA and ESL Faceit. 

Finally, our greatest strength is our team. With over 1,200 dedicated professionals, we are constantly enhancing the platform, launching new products, and engaging with our growing community of 35+ million users. Our team shares a deep belief in the future of crypto, working tirelessly to ensure WhiteBIT remains at the forefront of the industry.

The WhiteBIT Nova card surpassed 1 million transactions in 3 months

You mentioned the WhiteBIT Nova card. Given the considerable competition in the crypto card market, how successful do you view this project to be?   

We didn’t just launch another crypto payment card—we created something truly valuable. WhiteBIT Nova is the first-ever debit card for payments using digital assets with cashback, introduced in late 2024 in partnership with Visa. Unlike many competitors, we offer zero fees for opening or closing, which our customers appreciate.

In just three months, we’ve recorded over a million transactions. Users frequently pay using USDC, Bitcoin, Ethereum, and WhiteBIT Token, often for subscriptions and services like Spotify, YouTube, Booking, KFC, and Ryanair. Cashback is most commonly earned on everyday purchases—groceries, dining, taxis, entertainment, and gaming.

As expected, 89% of users prefer the digital version of the WhiteBIT Nova card, while only 11% opt for a physical card. 

The industry is flooded with new tokens—600,000 were launched in January alone. Are we in another ICO-style bubble, or is this just a sign of increasing crypto adoption? How do exchanges like WhiteBIT filter out real projects from the noise?

We have a rigorous process for listing new coins. We carefully evaluate each project, its goals, and its unique features. Our listing procedure involves several stages. Initially, we discuss their technology, tokenomics, and legal compliance with the project’s team. We conduct a preliminary check to weed out fraudulent or low-quality projects that don’t meet our basic listing criteria.

If the project passes this initial filter, we proceed with a more detailed analysis. This includes assessing legal compliance, project viability, and security measures, and evaluating the asset’s liquidity. Any project we list must offer enough liquidity to maintain a healthy trading environment and avoid excessive volatility.

That being said, we also listen to our users. Many of them request certain high-risk assets in which they can allocate part of their portfolio, even if the success of these projects is uncertain. However, when we decide to filter out certain meme tokens or high-risk projects, it’s often done in response to user feedback. We aim to strike a balance between offering innovative projects and protecting the interests of our traders.

What are your thoughts on the meme cycle? What do you think will be the community’s breaking point, especially after that high-profile back-to-back rug pulls? Are memes gonna die this year like NFTs did in 2022?

Meme coins are not a recent phenomenon—they’ve been around since the first global hype in 2017. Take Dogecoin, for example, one of the oldest meme coins. It gained significant attention, even earning support from figures like Elon Musk. While Dogecoin continues to have a decent market cap, the reality is that any project without real utility or tangible benefits will eventually fizzle out.

As industry regulation deepens, meme coins will face even greater challenges. Over the next few years, the market will likely cleanse itself of these short-lived hype projects. For instance, investors and companies backing Bitcoin have little interest in these types of projects. They dilute the audience and financial flows. With 600,000 tokens being launched each month, the target audience gets fragmented. Instead of focusing on core assets like Bitcoin and Ether, users are spread thin across countless tokens.

For larger market players, it’s more beneficial to build a market audience around key coins like Bitcoin and Ether, increasing their demand and value. This shift will gradually lead to meme coins fading from the market as the focus moves back to assets with real, long-term value.

Being a global player, how do you see the crypto regulatory landscape evolving across major regions?

Mass legalization and regulation of cryptocurrencies will be among the most significant factors shaping the market’s development in 2025. More countries are set to adopt clear legislative frameworks, which will provide a much-needed boost for the global expansion of the crypto ecosystem. For example, implementing MiCA in the European Union opens many new opportunities. With a well-defined regulatory environment, the market will gain new tools—crypto projects will have access to banking and fintech services. At the same time, traditional financial institutions can tap into blockchain technologies. This will lead to greater availability of virtual assets for users.

I think the adoption rate will soar when crypto is integrated into familiar platforms, such as German banks or mainstream apps.

Virtual assets will increasingly find their way into banking products, telecommunication services, and marketplaces, making them more accessible and practical for everyday use. Regulatory clarity, combined with this wider integration, will make virtual assets more understandable and user-friendly for the mass market, much like the experience in Asian countries, where people have a deeper understanding of the industry compared to Europe.

The team’s role and the upcoming trading competition

Finally, let’s discuss your team. How has your team and corporate culture changed during the rapid growth of the company and its international expansion?

Over the past three years, our team has grown 5x, bringing together 1,200 top professionals worldwide. We’ve built a truly global presence with official offices in Europe (UK, Lithuania, Ukraine, Georgia, Portugal), Asia (Turkey), and Australia.

At WhiteBIT, our team is the foundation of everything we do. We are proud to work with the best of the best—passionate, driven experts who push the boundaries of innovation every day. At the same time, we are deeply committed to nurturing young talent and fostering a culture of continuous learning. We prioritize vertical growth—helping our employees advance their careers—and horizontal development, encouraging cross-functional expertise and collaboration.

To support this, we have developed a range of internal programs. Knowledge-sharing is at the heart of our culture: we host regular internal sessions where team members exchange expertise and insights. We have also introduced exclusive crypto education courses to equip our employees with top-tier industry knowledge. Beyond theory, we emphasize real-world learning experiences—our recent WhiteBIT Crypto Trading tournament is just one example of how we create hands-on opportunities for professional growth.

Our expansion continues rapidly—just last year, we welcomed 200+ new professionals. As we grow, we remain committed to building a strong and future-focused team that drives the evolution of the crypto industry.

Do you intend to host similar competitions for a larger audience?

This spring, we are launching the first-ever International Crypto Trading Cup (ICTC), a groundbreaking event that will bring cryptocurrency trading to the big stage with a live broadcast.

The tournament will feature eight elite traders competing in live futures trading using a dedicated game capital provided by WhiteBIT. This ensures a secure environment where participants can fully showcase their skills.

Hence, ICTC is an educational experience in its essence. Millions of viewers worldwide will have the chance to watch top professionals make real-time decisions, track their trades, and analyze their strategies, gaining invaluable insights along the way.

Secondly, it’s set to be an exciting, large-scale trading show where anyone can participate. Viewers will be able to compete against star traders online—individually or as part of squads led by experienced leaders.

On top of that, we have valuable prizes and surprises in store. One of the eight star traders will be chosen from our global trading community. From March 27 to April 7, we host a Qualifying trading tournament to select a standout trader who will join the top seven professionals on stage for the main event in May.

So stay tuned for updates from WhiteBIT Group—we’re preparing news you don’t want to miss!